An auditor detects that a certain firm is regularly overstating the dollar amounts of inventories because of delays in recording withdrawals. The auditor wants to estimate the total overstated amount...

An auditor detects that a certain firm is regularly overstating the dollar amounts of inventories because of delays in recording withdrawals. The auditor wants to estimate the total overstated amount on 1000 listed items by obtaining exact (audited) inventory amounts on a random sample of 15 items and comparing these exact figures with the recorded amounts. The data for the sampled items are available in electronic Section 4.0 (all data in dollars). Estimate the total overstated amount on the 1000 types of items and place a bound on the error of estimation. (Ignore the fpc.)